What is commercial insurance ? Why should we carry it? Well, those questions may be on our mind, too especially if we run a small business with limited budget. Purchasing insurance may cost a lot, so we may have to think twice to carry it or not.
This article delivers the definition, coverage and the reason of carrying commercial insurance including the benefits we can take. In the end of the article, let’s decide if it is actually needed or not.
Commercial insurance has the same function as other types of insurance, namely giving protection. However, it is specifically purposed for business enterprises. Although your monthly expense increases, this insurance is believed to be the most essential and important investment for business owners.
At glance, it seems useless, but let us thinks about the potential loss triggered by unfortunate and unforeseen situations. The possibilities are limitless, but generally, the loss may be caused by theft, employee injury, lawsuits and property damage.
That is at glance about what is commercial insurance. When we plan to purchase it, knowing the definition is not completely enough. Some understanding about the types of coverage will help us to find what best suits to our business.
Commercial Insurance Coverage
There are some types of commercial insurance that we can choose. What we need may be different from other companies’ need. It is a lot better to know them and determine our best choice for our business.
Being healthy is maintainable, in a certain time, our employees will get sick. That is the reason why securing them with medical insurance is important. Besides, while doing their works, employees may have been trying their best to be careful. However, it is not rare they get injured. Workers’ compensation applies here.
Focusing on the prevention is seen to be more important. Instead of waiting for this thing to happen and we have to cover all the medical expenses and lost wages, this insurance will help us, allowing us to save money from the skyrocketing medical bills.
This is what is commercial insurance protects our business. However, commercial insurance covers more than those In terms of natural disaster that may happen in the future, our company can secure this, avoiding spending a lot of money to pay on our own due to earthquakes, or floods.
Then, our business is prone to theft. It happens from either external or internal theft. Beware of this and commercial insurance will secure our company from any kinds of theft. It does not only include stealing certain objects, but also stealing of data. Our company will be protected from both physical and electronic theft. It is clearly apparent what is commercial insurance covers.
Last, the coverage also includes property damage of our business. It covers some types of properties, such as the buildings and everything inside the building including equipment and furniture.
What Reality Says ?
When it comes to buying commercial insurance, there are several things we have to be clear first. Initially, we have to already determine the coverage that we need. All types explained have to be chosen which the best for our company needs is.
What is commercial insurance is all about those and we need to be smart when purchasing. It will involve a little research, or we can just hire an insurance agent to ensure that we get the lowest insurance premiums with good coverage. However,, if we are sure we can get through all of this, we can do on our own.
Discounts are available in most companies and it is our task to find them in case we are qualified the requirements. Since we are already clear on what is commercial insurance, it is our time to go to the marketplace and determine our insurance type.